Market analysis from TheMarketDetective.com that utilizes the Elliott wave principle and Fibonacci analysis.

1. 10/20/2008 2:58 PM Pacific
This 60 minute chart of the ES shows only the preferred count. The highest probability is
that a turn is very close. Between here and 10005 is a Fibonacci confluence zone that
seems impenetrable to me:
• We are paused at the .618 retracement of 5 waves down from 1067.
• A 1:1 Fibonacci extension of the move from the low of 8652 to 95500 measured
from the retracement to 90850 measures to 99850.
• A 1:1 Fibonacci extension of the move from 90850 to 99875 measured from the
retracement to 92550 measures to 100550.
• A 1:1 Fibonacci extension of the move from 92550 to 96625 measured from the
retracement to 94300 measures to 98900.
That is a lot of corrective zigzags all ending in the same area. The most probable
outcome is the end of wave (2) and we start wave (3) down.
Even if we are going higher we will get a 3 wave retracement from one of these levels.

2. 10/20/2008 2:58 PM Pacific
TMD/DW
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